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Barclays, traders to pay fines

International
London – Two former Barclays traders have agreed to settle Securities and Exchange Commission (SEC) claims that they misrepresented prices of bonds they sold to customers, earning excessive mark-ups in the process.

Yoon Seok Lee, 33, and David Wong, 35, earned about $15.5 million (R208 million) in illegal profits for the bank by trading residential mortgage-backed securities, according to an SEC administrative release last week.

Each agreed to one-year suspensions, without admitting or denying the regulator’s findings.

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A Barclays bank office is seen at Canary Wharf in London

Lee will pay a $200 000 penalty, while Wong will pay a $100 000.

Read also: Barclays Africa granted immunity in rand-rigging probe

Barclays agreed to pay a $1 million penalty for failing to supervise the traders – less than what other banks have paid for such conduct – and to return the profits.

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